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ABNB

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q3	Sep 30, 2025	Edgewood Management	-1.2%	5.5%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG SNPS ASML LLY FICO	View
2023 Q3	Sep 30, 2023	Nixon Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through investments in custom silicon and networking equipment for AI datacenter buildouts.	FICO AVGO BSX	View
2025 Q2	Aug 7, 2025	Meridian Hedged Equity Fund	4.9%	-	ABNB, CVX, DHI, DHR, GEO, GFL, HUN, ICE, JPM, KVUE, MGM, MSFT, V, VST, YOU	energy, Hedged Equity, Options, Quality, risk management, technology, value	The fund benefits from AI-driven electricity demand through Vistra Corp, which is positioned to capitalize on surging power needs from AI data centers. Microsoft's AI monetization potential through OpenAI integration also contributed to performance.	HUN CVX KVUE MGM MSFT VST MGM MSFT VST	View
2025 Q2	Aug 22, 2025	Baron Real Estate Fund	3.6%	-3.5%	ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN	Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations	Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery.		View
2025 Q2	Jul 31, 2025	Baron Focused Growth Fund	12.7%	3.7%	ABNB, ACGL, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	Balance Sheets, consumer discretionary, growth, small caps, tariffs, technology	Tesla continues to benefit from sequential acceleration in automotive segment and new lower-cost models expected in 2025. The company's energy storage business is growing and becoming a significant contributor to earnings and margins. Tesla should benefit from its eight-year, $10 billion investment in AI training for autonomous technology.		View
2025 Q2	Jul 24, 2025	GCQ Flagship Fund	-	-	3994.T, ABNB, HEMN.ST, MC.PA, NFLX, RMV.L, UBER	active management, global, growth, Luxury, Quality, real estate, technology, value	GCQ focuses exclusively on high-quality businesses that pass strict industry and business quality checklists, emphasizing companies with secular growth, pricing power, high margins, and durable competitive advantages. The fund's performance has been broad-based across approximately eight high-quality, relatively uncorrelated industries rather than concentrated in any single theme.	HEMN.ST 3994.T RMV.L	View
2025 Q2	Jul 22, 2025	Harbor Capital Appreciation Fund	19.5%	7.4%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continued to drive market momentum in Q3 2025, with persistent investor enthusiasm for AI and related growth themes supporting strong returns in Communication Services and Information Technology sectors. The fund initiated a position in Advanced Micro Devices, citing its sharpened product roadmap and momentum with major cloud providers in AI accelerators.	ORCL TOST AMD BSX SHOP HUBS	View
2025 Q2	Jul 22, 2025	Madison Investors Fund	3.1%	2.3%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	consumer, financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries selling for reasonable or cheap prices. This philosophy emphasizes proven businesses over short-term promises and momentum. The managers believe this approach has worked for decades and will continue to deliver solid long-term performance.	MSCI CDW ABNB ACGL FI ADI FERG	View
2025 Q2	Jul 21, 2025	Biondo Investment Advisors	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has identified encouraging signs that AI is beginning to broaden to the proprietary data and application layer beyond just infrastructure. Their AI framework spans infrastructure enablement, proprietary data applications, and productivity enhancements across portfolio companies.	BSX ISRG SNPS ASML FICO LLY	View
2023 Q2	Jul 14, 2023	Titan Wealth	-	-	ABNB, AMZN, BIO, BMW.DE, DBX, DIS, ETSY, ILMN, MSFT, NVDA, ORCL, REGN	AI, Energy Transition, global, inflation, Multi-Asset, technology, value	AI has dominated markets this year with companies like Microsoft, Nvidia, and Oracle benefiting significantly. The firm sees AI as a transformative technology creating compelling investment opportunities globally. They maintain exposure through specialized funds and individual holdings positioned to capture this secular growth trend.		View
2023 Q2	Jul 14, 2023	WestEnd Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in companies benefiting from AI datacenter buildouts and custom silicon demand.	FICO AVGO BSX ET LLY AI AMD NVDA	View
2025 Q2	Jun 30, 2025	Burke Wealth Managament The Focused Growth Strategy	15.9%	6.3%	ABNB, ABT, BWXT, CHTR, ICE, ISRG, LLY, NOW, NVDA, NVO, SNOW, TDG, UBER	AI, defense, growth, nuclear, Pharmaceuticals, regulation, technology, Trade Policy	The AI revolution continues to drive significant opportunities and challenges, with Nvidia facing regulatory threats from government restrictions on chip exports while maintaining dominance in global AI infrastructure. Snowflake is positioning itself as a critical platform for real-time AI-powered data analytics through AI agents and secure third-party applications.	UBER BWXT SNOW NVDA	View
2025 Q2	Jun 30, 2025	Parnassus Growth Equity Fund	19.0%	-	AAPL, ABNB, AMZN, APPF, AVGO, BRO, GE, GOOGL, INSM, INTU, LLY, MSFT, NET, NVDA, SN, TMO, TSM, V, VRTX	AI, growth, healthcare, large cap, semiconductors, technology, Trade Policy	AI investments continue to drive growth with increased energy demand from AI technologies benefiting utilities and power infrastructure companies. The fund maintains exposure to AI beneficiaries including hyperscalers, semiconductors and software companies building the computing foundation of the future.	INSM	View
2025 Q2	Jun 30, 2025	Oakmark Select Fund	4.2%	-	ABNB, CNC, COF, COP, CRL, CRM, FCNCA, GOOGL, ICLR, IQV, KDP, PAYC, SCHW	financials, healthcare, Opportunistic, technology, value, volatility	Alphabet continues substantial AI investments across business units with potential payoff remaining underappreciated by the market. The company is improving margins while making these investments, suggesting efficient capital allocation in AI development.	CRM ICLR CRL IQV GOOGL	View
2025 Q2	Jun 30, 2025	Octahedron Capital	-	-	ABNB, AMZN, APP, BKNG, CART, CPNG, CVNA, DASH, GOOGL, GRAB, MELI, META, NFLX, PINS, RDDT, ROKU, SNAP, SNOW, UBER, W	Advertising, AI, Cloud, E-Commerce, payments, semiconductors, tariffs, Trade Policy	AI infrastructure demand remains insatiable with companies processing 480 trillion tokens monthly, up 50x year-over-year. ServiceNow expects AI products to reach $1 billion ACV by end of 2026, while companies are transitioning from seat-based to usage-based AI pricing models. AI agents are creating 4x more databases than humans, fundamentally changing software development workflows.		View
2025 Q2	Jun 30, 2025	Edgewood Management	15.9%	6.8%	ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. Broadcom is positioned to benefit from the $250B+ AI chip market through custom silicon and networking equipment for AI datacenter buildouts. NVIDIA continues to drive AI compute with strong performance in the quarter.	FICO AVGO BSX FICO AVGO	View
2023 Q2	Jun 30, 2023	Burke Wealth Managament The Focused Growth Strategy	15.2%	36.7%	ABNB, ACN, AMZN, ASML, CHTR, CMCSA, CRM, GOOGL, ISRG, META, NOW, NVDA, PYPL, SPOT, TSM, UNH	AI, Cloud, growth, large cap, semiconductors, software, technology	Manager views AI as the fourth major computing revolution after PC, internet, and mobile. Portfolio companies like ServiceNow, Salesforce, and Accenture are positioned to deliver AI applications to enterprises. The AI revolution creates opportunities for productivity gains and new business models across the portfolio.		View
2023 Q2	Jun 30, 2023	Fortress – Caribbean Growth Fund	-0.1%	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2024 Q1	May 9, 2024	Polen Capital – Global SMID Company Growth	3.5%	9.5%	AAPL, ABNB, ACN, ADBE, ADP, AMZN, GLOB, META, MSFT, NESN.SW, NVDA, OR.PA, PAYC, SAP, SGE.L, TSLA, WDAY	AI, Cloud, global, growth, Quality, technology	SAP's transition to the cloud continues at pace with strong cloud revenue growth and expanding cloud gross margins. Management is guiding cloud sales growth through 2025 in the mid-20% range. Amazon's AWS saw a long-awaited re-acceleration in revenue growth during the period.		View
2025 Q1	May 22, 2025	Brown Advisors Global Leaders Strategy	-	-0.4%	ABNB, AMZN, BKNG, EVD.DE, GE, GOOGL, LSEG.L, NFLX, PTON, RTO.L, SHW, WKL, ZM	Capital Allocation, compounders, Concentration, global, narratives, Quality	The strategy focuses on market-leading companies that combine exceptional customer outcomes with strong leadership to generate high and sustainable returns on invested capital. These companies have secure franchises with multiple barriers to entry protecting their customer relationships.		View
2023 Q1	Apr 5, 2023	Infuse Partners	10.1%	10.1%	AAPL, ABNB, AMZN, AXON, COST, CRM, CSU.TO, DDOG, HCC, INSP, LSPD.TO, LYFT, META, MO, MSI, ORCL, RUN, TDG, TDOC, TSM, UBER	Founder, growth, Quality, technology, value	Manager outlines comprehensive 12-point quality checklist for evaluating businesses, emphasizing founder-led companies, competitive advantages, recurring revenue, and financial strength. Quality assessment is central to the investment process, combined with growth and valuation metrics to create the portfolio.	AXON	View
2023 Q1	Apr 27, 2023	NZS Capital – Growth	-	-	ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY	AI, Digital Transition, growth, innovation, semiconductors, technology	Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being left behind by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries.		View
2024 Q1	Apr 24, 2024	Titan Wealth	-	-	AAPL, ABNB, ADBE, ALNY, BMW.DE, DBX, DIS, EBAY, ETSY, EW, GOOGL, GSK, META, MSFT, NFLX, NKE, ORCL, STLA, TSLA, V	diversification, emerging markets, healthcare, inflation, Multi-Asset, rates, technology	Technology sector performance driven by AI excitement continues to support markets. The combination of falling rates and excitement around AI's potential to boost long-term productivity growth and margins provides a powerful tailwind for equities.		View
2026 Q1	Apr 22, 2026	Baron Real Estate Fund	-5.5%	-5.5%	ABNB, BN, BX, CBRE, CSGP, CZR, DLR, EQIX, JLL, PSA, SITE, TOL, WELL, WYNN	AI, Commercial real estate, Data centers, Homebuilders, real estate, REITs, Travel, valuation			View
2026 Q1	Apr 21, 2026	Harbor Capital Appreciation Fund	-11.0%	-11.0%	AAPL, ABNB, APP, CEG, HLT, MRK, MSFT, NET, PLTR, SHOP, SNOW, TSM, WMT	AI, Energy Prices, Geopolitical Risk, growth, large cap, technology			View
2025 Q1	Apr 21, 2025	Biondo Investment Advisors	-	-	ABNB, ASML, AVGO, BSX, BX, CPRT, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is expected to grow substantially, with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over the medium term.	FICO AVGO BSX	View
2025 Q1	Apr 15, 2025	Polen Capital – Global SMID Company Growth	-5.5%	-5.5%	ABNB, ABT, ACN, ADYEN.AS, AMZN, AON, CSGP, GLOB, GOOGL, MELI, NOW, NVDA, NVO, OR.PA, ORCL, PAYC, SAP, SGE.L, SHOP, WTW, ZTS	AI, global, growth, healthcare, Quality, tariffs, technology, volatility	Trump tariffs announced in February created market volatility and uncertainty, with semiconductors down 19% and Magnificent 7 down 15%. Managers expect limited direct impact on their portfolio given focus on branded software and services businesses with pricing power, though acknowledge potential 2nd order effects from reduced consumer spending.	MELI ADYEN WTW NVO AMZN GLOB AON ABT	View
2024 Q1	Apr 15, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	AAPL, ABNB, ADBE, AMZN, BIIB, CRWD, CSCO, GOOGL, MDB, META, MSFT, NVDA, PODD, PYPL, SNOW, SPLK, TGT, TSLA, UNH, UNP, WDAY	AI, growth, healthcare, mid cap, risk management, technology	Continued enthusiasm for generative artificial intelligence boosted market performance. MongoDB is expanding its potential market by adding ancillary capabilities like vector search for AI applications.	WDAY MDB	View
2023 Q1	Apr 13, 2023	LVS Advisory – Growth	8.1%	8.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2024 Q1	Apr 11, 2024	Regency Wealth Management	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, Cloud, growth, healthcare, large cap, semiconductors, technology	Edgewood maintains a comprehensive AI framework spanning infrastructure, proprietary data applications, and productivity enhancements. The firm sees AI broadening beyond infrastructure to applications and productivity layers, with 28% of the portfolio in AI infrastructure buildout companies.		View
2025 Q1	Apr 10, 2025	Akre Focus Fund	1.5%	1.5%	ABNB, AMT, BN, CCCS, CSGP, CSU.TO, DHR, KKR, MA, MCO, ORLY, ROP, TOI.TO, V	Cash, Concentration, Discipline, Patience, Quality, valuation, value	The fund emphasizes valuation discipline as a core investment principle, requiring mid-to-high-teens annualized returns under base-case scenarios and positive returns under low-case scenarios. They use the metaphor of Gravity's Rainbow to describe considering the full arc of valuation cycles, not just the rising half. This discipline often requires waiting years for appropriate entry points and significant price drops before deploying capital.		View
2024 Q1	Apr 10, 2024	Pittenger & Anderson	-	-	ABNB, GE, HD, NKE	consumer, Leadership, management, technology, value	The letter extensively discusses CEO leadership changes at Nike and their impact on company culture and performance. It examines how leadership background affects performance, using examples of Bob Nardelli at Home Depot and Brian Chesky at Airbnb to illustrate the importance of cultural fit and mission understanding.	ABNB NKE	View
2025 Q1	Mar 31, 2025	Baron Focused Growth Fund	-8.0%	-8.0%	ABNB, ACGL, AMH, ANSS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KKD, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK	AI, consumer discretionary, Electric Vehicles, financials, growth, real estate, software, technology	X.AI Holdings Corp. is developing an AI model to understand the true nature of the universe, launching Grok 3 which demonstrated top scores ahead of other industry-leading AI models. The company opened the Colossus data center with over 100,000 GPUs and recently acquired X (formerly Twitter) to access vast real-time multimodal data from 600 million users. Tesla's AI ambitions include a robotaxi service launching this year and a fast-growing humanoid program that could transform its growth story.		View
2025 Q1	Mar 31, 2025	Meridian Hedged Equity Fund	-0.2%	-0.2%	ABNB, ACVA, AMZN, DHI, DHR, GEO, GFL, ICE, LYV, MGM, V, YOU	Hedging, Options, Quality, tariffs, value, volatility	The first quarter witnessed marked shift in market volatility dynamics with VIX experiencing significant escalation from mid-February through March end. Higher volatility was driven by rising policy uncertainty from the new U.S. administration, specifically concerning aggressive tariff implementations. During periods of heightened uncertainty, investors are willing to pay more for options protection, potentially benefiting covered call writers.	AMZN ACVA MGM GEO V ICE	View
2025 Q1	Mar 31, 2025	Octahedron Capital	-	-	ABNB, AMZN, BKNG, CPNG, CRM, CVNA, DIS, GOOGL, GTLB, MELI, META, NET, NFLX, NOW, PLTR, SNOW, UBER, W, WDAY, ZS	AI, E-Commerce, growth, Internet, payments, semiconductors, software, technology	Agentic AI emerged as the dominant theme with reasoning models like DeepSeek-R1 and OpenAI o3 enabling AI agents to complete complex multi-step tasks. The commoditization of LLMs is accelerating AI applications growth while reducing inference costs, creating opportunities for application software companies with proprietary data.		View
2024 Q1	Mar 31, 2024	Burke Wealth Managament The Focused Growth Strategy	15.2%	15.2%	AAPL, ABNB, ADBE, AMZN, CHTR, CMCSA, CRM, GOOGL, HD, LLY, LOW, META, MSFT, NOW, NVDA, NVO, PYPL, SNOW, TSLA	AI, growth, large cap, Pharmaceuticals, retail, semiconductors, technology	The artificial intelligence revolution is unfolding in three phases: infrastructure investment, application development, and productivity implementation. Nvidia dominates the infrastructure phase while companies like Meta are advancing in application development and implementation.		View
2023 Q1	Mar 31, 2023	Airlie Small Companies Fund	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2023 Q1	Mar 31, 2023	Fortress – Caribbean Growth Fund	3.1%	3.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Medical Devices, semiconductors, technology	AI spending remains a robust secular trend with significant growth opportunities. The AI silicon market is estimated at $250B+ with custom silicon and merchant silicon both scaling successfully. Broadcom anticipates AI compute clusters scaling from 10k to 100k or 500k over medium term with four new unnamed customers expanding AI revenue opportunity.	FICO AVGO BSX	View
2024 Q1	Mar 30, 2024	Torre Financial	7.6%	7.6%	ABNB, ADBE, ADC, CRWD, EW, META, TEAM, TTD, UNH, ZS	Advertising, growth, healthcare, Quality, REITs, software, technology	Meta is well positioned as a leader in the AI movement. Adobe has come out very strong in the rise of AI with their professional tools quickly incorporating many new generative-AI technologies.	UNH ADC ZS ADBE TEAM	View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2024 Q4	Feb 10, 2025	Meridian Hedged Equity Fund	0.1%	13.1%	ABNB, AMT, AMZN, BABA, COTY, DHI, DHR, GEO, LYV, MGM, QCOM, V, VST, YOU	downside protection, Hedged Equity, large cap, Options, Quality, risk management	Amazon demonstrates strong positioning in digital commerce and cloud computing with secular growth drivers. The company delivered strong third-quarter results exceeding expectations despite mixed macro signals. Multiple value creation drivers include retail margin expansion, continued cloud growth, and scaling of high-margin businesses.	VST AMZN V COTY DHR AMT	View
2024 Q4	Dec 31, 2024	Oakmark Fund- International Small Cap	2.0%	16.0%	ABNB, CE, CG, CNC, CRM, DIS, EBAY, ELV, GEHC, GM, GS, HLT, IQV, KDP, MO, PHM, TFC, WFC	Banking, Buybacks, financials, healthcare, large cap, Quality, technology, value	The fund focuses on investing in high-quality businesses at attractive prices despite broad market valuations being above historic averages. The wide spread in valuation multiples provides opportunities for superior future returns with a margin of safety.	KDP GEHC ELV CG ABNB CNC WFC	View
2024 Q4	Dec 31, 2024	Oakmark Select Fund	6.0%	14.2%	ABNB, CNC, COP, CRM, EFX, FCNCA, FI, IQV, KDP, PAYC, PSX, WFC	energy, financials, healthcare, large cap, Quality, technology, value	The fund focuses on investing in high-quality businesses at attractive prices with wide spreads in valuation multiples providing opportunities. They believe this approach provides both margin of safety and potential for superior future returns despite broad market valuations being above historic averages.	KDP EFX ABNB IQV PAYC	View
2024 Q4	Dec 31, 2024	Baron Focused Growth Fund	14.4%	29.5%	ABNB, ACGL, AMH, ANSYS, BRKR, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDXX, ILMN, IRDM, JEF, KREM, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP.TO, SPOT, TSLA, VRSK	consumer discretionary, Electric Vehicles, financials, growth, Hotels, Space, Streaming, technology	Tesla continues to demonstrate strong performance with 54% quarterly gains, driven by core automotive acceleration and new lower-cost model releases expected in 2025. The company benefits from lower interest rates helping car sales and halting continuous price reductions, while energy storage business grew 60% sequentially.		View
2024 Q4	Dec 31, 2024	Parnassus Value Equity Fund	-1.5%	12.0%	ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM	AI, financials, healthcare, large cap, semiconductors, technology, value	The fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing.	V AMAT NVO AZN ABNB	View
2024 Q4	Dec 31, 2024	Renaissance Investment Management – Large Cap Growth	-	-	ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX	AI, defense, growth, healthcare, large cap, technology	Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets.	PINS BAH HCA AVGO APP	View
2024 Q4	Dec 31, 2024	Sands Capital Global Growth Fund	5.3%	15.7%	6861.T, ABNB, ADYEN.AS, AMZN, ASML, AXON, DASH, DOL.TO, DXCM, FLUT, GOOGL, MELI, NFLX, NKE, NVDA, PNDORA.CO, SHOP.TO, SPOT, SQ, V	AI, global, growth, innovation, long-term, technology	AI has rapidly evolved from a conceptual novelty to a transformative tool reshaping industries. Sands Capital owns businesses that enable AI at the infrastructure layer like NVIDIA and those finding specific use cases like Axon Enterprise and ServiceNow. AppLovin built an AI advertising placement platform that reaccelerated its video game ad business.		View
2023 Q4	Dec 31, 2023	Nixon Capital	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering Infrastructure & Enablement, Proprietary Data/Applications, and Productivity categories. They see encouraging signs that AI is beginning to broaden beyond infrastructure to proprietary data and application layers.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY	View
2023 Q4	Dec 1, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABNB, ALGN, AMZN, CRM, DOCU, GOOGL, ILMN, META, MSFT, NFLX, NOW, NVDA, PYPL	AI, Cloud, earnings, growth, large cap, Streaming, technology	Manager discusses generative AI as a major driver for cloud providers and Microsoft's business, but expresses caution about NVIDIA's valuation and cyclical nature. Sees AI as benefiting Azure, Microsoft's productivity suite, and creating new revenue streams through co-pilot features.	ABNB AAPL\|MSFT\|NFLX\|NVDA\|UNH AMZN CRM AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM AAPL\|MSFT\|NFLX\|NVDA\|UNH	View
2024 Q3	Oct 7, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Autonomy, Cloud, growth, technology, Tesla, Travel	Autonomous transportation represents one of humanity's most pivotal technological shifts, with self-driving vehicles being the first major real-world application of AI. Tesla's vision-based FSD system creates a self-reinforcing product development cycle through real-world data collection from its global fleet.	TSLA	View
2025 Q3	Oct 28, 2025	Baron Focused Growth Fund	4.8%	8.6%	ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, IRDM, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	AI, consumer discretionary, Electric Vehicles, growth, portfolio construction, small caps, technology	AI concerns impacted several holdings including FactSet and Verisk, with investors fearing competitive threats to data moats. However, FactSet continues to benefit from AI through revenue enhancements and cost containments. Tesla's AI initiatives advance rapidly with robotaxi network expansion and Full Self-Driving development.		View
2024 Q3	Oct 28, 2024	Parnassus Growth Equity Fund	3.3%	21.0%	AAPL, ABNB, ADYEY, AKAM, AMAT, AMZN, CHTR, CMG, CSGP, DHR, GOOGL, INTU, MAR, MELI, MSCI, MSFT, NVDA, PCOR, SHW, V	consumer, Esg, financials, growth, healthcare, large cap, Quality, technology	The fund maintains exposure to payment processing companies like Adyen and Visa, with Adyen reporting solid quarterly results that exceeded expectations following a period of volatility. The fund continues to favor names with exposures to payment processing among other end markets in the Financials sector.	CSGP MELI CMG	View
2025 Q3	Oct 24, 2025	Meridian Hedged Equity Fund	1.6%	-	ABNB, CHTR, DHI, DHR, GEO, GFL, ICE, JNJ, KVUE, LBRDA, LNG, LYV, META, MGM, MTCH, ORCL, YOU	AI, healthcare, Hedged Equity, inflation, Options, technology, value	The AI narrative dominated equity performance with solid results from Oracle and massive infrastructure commitments from OpenAI and Meta fueling momentum. Markets demonstrated comfort with extended monetization horizons, valuing AI's disruptive capacity above traditional financial metrics. Valuations across AI-related technology appear elevated by historical standards.	JNJ DHI ICE KVUE LBRDK JNJ DHI ICE KVUE LBRDK	View
2024 Q3	Oct 23, 2024	Polen Capital – Focus Growth	3.0%	11.0%	AAPL, ABNB, ACN, ADBE, AMZN, CRM, GOOGL, MSCI, MSFT, NKE, NOW, NVDA, ORCL, PAYC, SHOP, TMO, TSLA, UNH, WDAY	AI, Cloud, growth, large cap, software, technology	AI is driving infrastructure spending from cloud providers and enterprises, with GenAI offerings becoming incremental growth drivers for software companies. Apple's iOS upgrade will bring GenAI advancements to the masses, potentially triggering a multi-year iPhone upgrade cycle. The fund believes AI is more likely to be a tailwind than headwind for competitively advantaged software businesses.	ABNB SHOP.TO ORCL AAPL	View
2025 Q3	Oct 22, 2025	Easterly – Global Real Estate Fund	-2.9%	8.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework covering infrastructure enablement, proprietary data applications, and productivity enhancements. Key holdings include NVIDIA's accelerating product releases, ASML's lithography enabling AI chip manufacturing, and ServiceNow targeting $1B in AI annual contract value by 2026.		View
2025 Q3	Oct 21, 2025	Starboard Value	-	-	ABNB, BKNG, CART, CHWY, EBAY, ETSY, EXPE, MTCH, TRIP, W	AI, Experiences, M&A, Marketplace, Online travel, Travel, valuation	Tripadvisor operates three distinct market-leading businesses in the online travel category. The experiences segment is the fastest growing category in travel, having grown approximately 200% since 2019. Online experiences has the lowest penetration of all travel categories at less than 30%, compared to 85% for cruises and 74% for flights, creating significant growth opportunity.	TRIP TRIP	View
2025 Q3	Oct 21, 2025	Baron Real Estate Fund	10.2%	6.4%	AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN	Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value	Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth.	FND AAON WYNN FND AAON WYNN	View
2024 Q3	Oct 20, 2024	Distillate Capital Fundamental Stability & Value	0.0%	16.0%	ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FISV, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM	large cap, Quality, risk management, small cap, valuation, value	The market shows extreme valuation risk with the S&P 500 trading at just the 13th percentile of historical free cash flow yields. Over 40% of the S&P 500 trades at NTM P/E ratios above 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks account for 40% of market cap while trading at a 72% premium to the rest of the market.		View
2024 Q3	Oct 20, 2024	Distillate Capital Large Cap Value	0.0%	19.7%	ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FIS, HD, HUM, LMT, MCK, PH, PYPL, QCOM, TMUS, TOL, UNH, WSM	free cash flow, large cap, Quality, risk management, valuation, value	The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Current trailing free cash flow yield of 3.2% ranks in just the 13th percentile of history. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions.		View
2024 Q3	Oct 18, 2024	Titan Wealth	-	-	1972.HK, 300750.SZ, 3690.HK, ABNB, BIO, BMW.DE, CRM, DEO, DIS, EBAY, EL, EW, GOOGL, HEIA.AS, HLN.L, LVMH.PA, MA, META, MSFT, NFLX, NVDA, ORCL, PYPL, SNY, STLA, TMO, UL	emerging markets, global, healthcare, income, Multi-Manager, Rate Cuts, technology	Long-term theme of emerging global middle class remains intact despite recent underperformance. Emerging economies outpacing developed world on output-per capita basis with faster earnings expansion, better margins, less debt, and cheaper valuations. Chinese stimulus measures helping lift emerging market positions.		View
2025 Q3	Oct 17, 2025	Harbor Capital Appreciation Fund	5.0%	12.7%	AAPL, ABNB, AMD, AMZN, APP, AVGO, CDNS, DIS, DXCM, GOOG, GOOGL, ISRG, META, MSFT, NFLX, NVDA, NVO, ORCL, SHOP, TOST, TSLA, TSM, TTD, TXN, VRTX	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	Artificial intelligence continues to drive market performance with persistent investor enthusiasm for AI and related growth themes. Information Technology sector led by large-cap constituents outperformed all other sectors, with Communications Services also capitalizing on AI momentum. Corporate earnings growth supported by AI development provides fundamental backing for technology-led rally.	ORCL US TOST US AMD US	View
2025 Q3	Oct 15, 2025	Parnassus Value Equity Fund	7.5%	-	ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC	AI, financials, healthcare, large cap, Quality, technology, value	The AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips.		View
2025 Q3	Oct 14, 2025	Madison Investors Fund	-2.2%	-0.1%	A, ABNB, ACGL, ACN, ADI, ALC, AMZN, BN, CDW, CHTR, CPRT, DE, DHR, ELV, FERG, FI, GOOGL, IT, KEYS, LBRDA, LOW, MMC, MSCI, NKE, PCAR, PGR, PH, SBUX, SCHW, TJX, TXN, V	financials, industrials, large cap, Quality, technology, value	The fund focuses on high-quality, durable businesses across a wide range of industries, selling for reasonable or cheap prices. This approach has historically delivered solid long-term performance, though these attributes have been unpopular recently as the market has favored short-term over long-term and momentum over durability.		View
2024 Q3	Oct 14, 2024	Akre Focus Fund	11.8%	18.6%	ABNB, AMT, BN, CCCS, CSGP, CSU.TO, KKR, KMX, MA, MCO, ORLY, ROP, V	Compounding, Focus, long-term, Patience, Quality, returns	The fund emphasizes long-term compounding over 15+ years, achieving 9.0x returns since inception despite various market disruptions. Manager believes compounding takes place over time periods long enough to include bad and scary things, which is a comforting thought for patient investors.		View
2024 Q3	Oct 13, 2024	GDS Investments	-	-	ABNB, GE, HD, NKE	consumer, Leadership, management, technology, value	The letter extensively discusses CEO leadership changes at Nike and their impact on company performance. It analyzes how cultural fit and understanding of company mission affects CEO success, contrasting insider versus outsider leadership appointments. The discussion emphasizes the importance of leaders who understand the fabric of their brands beyond spreadsheet metrics.	ABNB NKE ABNB NKE	View
2023 Q3	Oct 13, 2023	WestEnd Capital	-1.1%	30.1%	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, SPOT, TDG, V, VRTX	AI, growth, healthcare, large cap, semiconductors, software, technology	Edgewood maintains significant exposure to AI infrastructure buildout representing 28% of portfolio. The firm has developed a comprehensive AI framework spanning infrastructure enablement, proprietary data applications, and productivity enhancements. They see encouraging signs that AI is beginning to broaden beyond infrastructure to the proprietary data and application layer.	BSX ISRG ICLR\|LLY\|PLTR\|SNPS\|TGT ASML FICO ALLY PWR	View
2024 Q3	Oct 12, 2024	Torre Financial	8.0%	16.5%	ABNB, ABT, ADBE, ADC, AMT, AMZN, CRWD, DHR, EW, FDS, GOOGL, ICE, MCO, MELI, PYPL, SPGI, TMO, TTD, UNH, ZS	diversification, healthcare, Quality, REITs, Resilience, technology, value	Manager has systematically diversified portfolio beyond technology into healthcare, real estate, and risk management companies over the past two years. This diversification has helped decrease volatility and provided better downside protection when markets declined.		View
2024 Q3	Oct 10, 2024	O’Keefe Stevens Advisory, Inc	0.0%	0.0%	ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FDX, FI, HD, HUM, LMT, MCK, PH, QCOM, TMUS, TOL, UNH, WSM	large cap, Quality, risk management, small caps, valuation, value	The market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. The most expensive 15 megacap stocks trade at a 72% premium to the rest of the market and account for almost 40% of total market cap.		View
2024 Q4	Jan 7, 2025	ClearBridge Investments Large Cap Growth Strategy	0.0%	0.0%	ABNB, ACN, AMZN, ASML, AVGO, GOOGL, ISRG, LLY, META, NEE, NFLX, NVDA, NVO, TMO, TSLA, UBER, UNH, V, ZTS	growth, healthcare, large cap, Magnificent Seven, technology, Valuations	AI is clearly a megatrend that the managers are monitoring closely to gauge the next phase of use cases and impact both to technology-oriented businesses and to those in more traditional industries. Portfolio holding Intuitive Surgical is making significant strides in providing feedback to surgeons using its robotic instruments.	ABNB NVO ICLR	View
2023 Q4	Jan 4, 2024	Regency Wealth Management	-	-	ABNB, ASML, AVGO, BSX, BX, FICO, INTU, ISRG, LLY, MSCI, NFLX, NOW, NVDA, SHOP, SNPS, SPGI, TDG, TTD, V, VRTX	AI, growth, healthcare, large cap, Quality, technology	AI spending remains a robust secular trend with significant growth opportunities. The portfolio is well-positioned to capitalize on this long-term opportunity through holdings in semiconductor and technology companies benefiting from AI datacenter buildouts and custom silicon demand.	FICO AVGO BSX	View
2025 Q4	Jan 30, 2026	Baron Focused Growth Fund	12.3%	22.3%	ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK	AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology	The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment.	DUOL CSGP SPOT ONON H FIGS GWRE	View
2023 Q4	Jan 30, 2024	Nightview Capital	10.9%	79.1%	ABNB, AMD, AMZN, DIS, GOOGL, INTC, NVDA, TSLA, Z	AI, Concentration, disruption, growth, long-term, technology, Tesla, value	AI is creating profound opportunities and risks across industries, similar to the Internet in the 1990s. The manager views AI as having no boundaries - all businesses must leverage new technologies to stay competitive. They see a second wave of AI beneficiaries emerging in cloud service providers like Amazon and Google, who are well-positioned in the technology stack to benefit from increased AI spending.	DIS 000001.SZ ABNB ACGL\|CHH\|FDS\|GWRE\|IBKR\|IDXX\|MTN\|SPOT\|TSLA	View
2025 Q4	Jan 21, 2026	Meridian Hedged Equity Fund	0.1%	0.0%	ABNB, AMZN, CB, DHI, DHR, DKNG, GEO, LNG, LW, LYV, MGM, MTCH, VST, YOU	energy, gaming, Hedged Equity, Homebuilders, Options, Travel, value	The fund holds positions in gaming companies including MGM Resorts International and DraftKings. MGM benefited from record results in Macau properties and BetMGM achieving profitability. DraftKings faced near-term pressures from earnings shortfalls and competitive pressures but maintains long-term earnings potential. The fund maintains exposure to energy companies including Vistra Corp and Cheniere Energy. Vistra is positioned to benefit from surging electricity demand driven by data centers and electrification trends, operating attractive nuclear and natural gas generation assets in tight power markets. The fund has exposure to travel-related companies including MGM Resorts and Clear Secure. Clear Secure provides biometric identity solutions for travelers and benefited from robust travel demand and operational efficiency during the quarter. The fund holds D.R. Horton as a top position, representing exposure to the homebuilding sector. The company is positioned in the residential construction market.	YOU DHR MGM VST DKNG LW	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2025 Q4	Jan 16, 2026	GDS Investments	-	-	ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS	AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value	AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value.	RIVN TREX AMZN GOOG	View
2025 Q4	Jan 12, 2026	Akre Focus Fund	-2.8%	1.2%	ABNB, BN, CCC, CSGP, CSU.TO, FICO, GOOGL, KKR, MA, MC.PA, MCO, MSFT, NVDA, ORLY, ROP, TOI.TO, V	AI, Concentration, ETF, Quality, software, value	The manager believes AI concerns about their software holdings are overblown and that their businesses will be enormous beneficiaries of AI. They argue that much of the business and financial benefit from AI will accrue to already-advantaged users of AI tools rather than providers, particularly businesses with customer intimacy, ecosystem dominance, and proprietary data. AI is viewed as the first technological shift to favor incumbents over new entrants. The manager emphasizes their focus on quality businesses with durable competitive advantages, strong balance sheets, excellent returns on capital, and high profitability. They note that quality has historically outperformed over time, citing the S&P 500 Quality Index's superior long-term returns versus the S&P 500. The current performance disparity between quality and growth reminds them of 1999. The fund converted from mutual fund to ETF structure in October 2025. The manager discusses their unorthodox approach to ETF management, using cash-only create baskets to maintain opportunistic deployment rather than pro-rata approaches. They favor buying stocks at known prices rather than receiving shares in-kind at unknown prices through the ETF creation process.		View
2024 Q3	Sep 30, 2024	Baron Focused Growth Fund	11.7%	13.2%	ABNB, ACGL, AMH, ANSYS, BIRK, CHH, CSGP, DEI, FDS, FIGS, GWRE, H, IBKR, IDEXX, ILMN, IRDM, JEF, KKD, LVS, MRNA, MSCI, MTN, ONON, RRR, SHOP, SPOT, TSLA, VRSK	concentrated, consumer discretionary, financials, growth, long-term, small caps, technology	Tesla represents the fund's largest position at 9.8% of assets, with the stock contributing 274 bps to quarterly performance. The manager believes lower interest rates should help Tesla sell more cars and halt continuous price reductions, while the energy storage business continues to grow rapidly.		View
2024 Q3	Sep 30, 2024	Meridian Hedged Equity Fund	6.2%	0.0%	ABNB, AMZN, BABA, DHI, ICE, MGM, MSFT, PGNY, QCOM, SBH, V, VST, YOU	Beauty, Casinos, energy, Hedged Equity, Options, risk management, technology, Travel	Vistra Corp performed well due to tightening energy markets, strengthened pricing in forward-year energy contracts, and rising demand from data centers, electric vehicles, and manufacturing reshoring. These factors create a favorable pricing environment for Vistra's generation fleet, especially nuclear and gas assets.	AMZN MGM PGNY YOU SBH VST	View
2023 Q3	Sep 30, 2023	Octahedron Capital	0.0%	0.0%	AAPL, ABNB, ADYEY, AMAT, AMD, AMZN, ASML, AVGO, BKNG, CPNG, CRWD, CVNA, DASH, DBRX, DIS, ETSY, GOOGL, INTC, KVYO, LRCX, MA, MELI, MSFT, NFLX, NU, NVDA, PTON, SNOW, SPOT, TSM, UBER, V, W	AI, Cloud, E-Commerce, payments, semiconductors, Streaming, technology, Travel	Generative AI is driving a platform shift in software and enabling new applications. The industry is transitioning to accelerated computing with data centers making a platform shift from general purpose to accelerated computing. AI investments are capex-heavy but expand software TAM through LLMs enabling software to eat OpEx.		View
2024 Q2	Jul 17, 2024	Nightview Capital	0.0%	0.0%	AAPL, ABNB, AMZN, BLK, DKNG, GOOGL, GS, H, LVS, META, MGM, MS, NFLX, QCOM, SCHW, TSLA, TSM, WYNN	AI, Cloud, E-Commerce, gaming, growth, large cap, technology	Amazon's retail business shows significant operating leverage recovery after pandemic overexpansion. North American retail margins have exceeded 2019 levels and are projected to reach low double digits. The transition from brick-and-mortar to e-commerce continues with U.S. e-commerce at 15.4% of retail sales, providing years of growth runway.		View
2023 Q2	Jun 30, 2023	ClearBridge Investments All Cap Growth	0.0%	0.0%	ABBV, ABNB, AES, CLH, CP, CVS, EQT, GILD, META, MRVL, ORCL, PFE, SQ, VMC	AI, financials, Recession, small caps, technology, value	Artificial intelligence furor and speculation that benefits will accrue to mega cap incumbents explains much of the tech rally. Time will tell whether AI aids mega cap tech or helps unseat them, but market indicators point to a harder road for their outperformance going forward.	CLH AIR FP\|ICLR\|LIN\|MRVL\|NOW\|TSM	View
2023 Q1	Apr 28, 2023	NZS Capital – Select	15.6%	15.6%	ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY	AI, Digital Transition, growth, innovation, semiconductors, technology	Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users faster than any app in history. Enterprise SaaS companies must adopt AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers.		View
2023 Q1	Apr 28, 2023	NZS Capital – Technology	19.9%	19.9%	ABNB, AMZN, ASML, BALL, CDNS, CRM, CSGP, CSTM, DHR, GOOGL, LIN, MELI, MRNA, MU, NEE, NTDOY, NVDA, ORSTED.CO, TSM, WDAY	AI, Digital Transition, growth, innovation, semiconductors, technology	Generative AI is accelerating innovation and disruption across sectors, with ChatGPT reaching 100M users in two months. Enterprise SaaS companies need AI strategies or risk being displaced by new entrants. The firm adjusted portfolio positioning to favor early AI beneficiaries and infrastructure providers.		View
2025 Q1	Mar 31, 2025	Oakmark Global Fund	4.4%	4.4%	ABNB, AIG, BNR.DE, DEO, ETSY, GOOGL, KER.PA, KR, LYG, NVS, PHM, PUK, RI.PA, SYY	discount, Europe, financials, global, Quality, undervalued, value	The fund focuses on purchasing shares at discounts to intrinsic value estimates, with multiple examples of buying companies below fair value including Airbnb, Brenntag, Pernod Ricard, and Sysco. Management emphasizes finding above-average companies at below-average prices.	SYY RI.PA BNR.DE ABNB	View
2023 Q1	Mar 31, 2023	RiverPark Long/Short Opportunity Fund	0.6%	11.1%	AAPL, ABNB, AMZN, DIS, GOOGL, LULU, MA, META, MSFT, NFLX, NVDA, SCHW, SHOP, UBER, UNH	AI, E-Commerce, growth, Long/Short, secular themes, technology	NVIDIA benefited from positive momentum around Artificial Intelligence and the chips that drive it. NVDA chips and software are critical to many core technologies being adopted globally, including artificial intelligence. The fund expects future growth to remain robust as AI adoption continues.	AAPL\|MSFT\|NFLX\|NVDA\|UNH LULU	View
2024 Q4	Jan 24, 2025	Tsai Capital	-	23.0%	AAPL, ABNB, ACN, AMZN, ANSS, COST, CPRT, CSGP, DHR, FDS, GOOG, IDXX, MA, MKL, MSCI, MSFT, NKE, QXO, TSLA, TYL, V, ZTS	AI, Compounding, disruption, growth, long-term, technology, Tesla, value	The manager believes they are particularly well-positioned to benefit from the AI revolution, which represents the most transformative technological advancement since the advent of the internet. Many of the companies they own are leading the charge in the AI revolution, with others set to reap substantial benefits as they integrate these transformative technologies into their operations. Autonomy—embodied in self-driving vehicles and humanoid robots—will be one of the earliest large-scale applications of AI.		View
2024 Q4	Jan 16, 2025	Polen Capital – Global SMID Company Growth	2.3%	12.0%	ABNB, ADBE, AMZN, CSGP, CSL.AX, GOOGL, ICLR, MC.PA, NVO, OR.PA, ORCL, PAYC, SHOP.TO	AI, Cloud, E-Commerce, global, growth, Quality, software	AI applications are emerging across several software and cloud businesses in the portfolio, though still representing a modest percentage of revenues. The focus is shifting from infrastructure build-out to monetizing AI in the application layer, positioning the portfolio to benefit from this transition.	CSGP PAYC AMZN SHOP.TO	View
2023 Q4	Jan 15, 2024	Vision Capital	0.0%	0.0%	0700.HK, 3690.HK, ABNB, ADBE, ADYEN.AS, AMZN, ANET, CRM, CRWD, DDOG, DLO, ESTC, FVRR, GOOGL, HUBS, JD, LULU, MA, MDB, MELI, META, MNDY, MSFT, NET, NOW, NU, NVDA, OKTA, PAYC, PLTR, PYPL, SHOP, SQ, STNE, TEAM, TSLA, TTD, V, VEEV, WDAY, WISE.L, ZS	AI, Compounding, E-Commerce, growth, long-term, payments, SaaS, technology	Vision Capital maintains significant exposure to e-commerce companies including Amazon, MercadoLibre, Shopify, JD.com, Fiverr, Airbnb, and Meituan representing approximately 20% of the portfolio. The manager views these as top dogs supported by long-term tailwinds in the digital commerce transformation.	LULU AAPL\|MSFT\|NFLX\|NVDA\|UNH	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Polen Capital - Focus Growth	Airbnb Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	growth, hospitality, marketplace, network effects, platform, Sharing Economy, Travel, Two-Sided Market	View Pitch
Apr 28, 2026	Fund Letters	Nightview Capital	Airbnb Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	hospitality, marketplace, operating leverage, platform, Post-Pandemic Recovery, Sharing Economy, Travel, turnaround	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Global Fund	Airbnb Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Alternative Accommodations, growth, network effects, online marketplace, Platform Monetization, Travel	View Pitch
Apr 13, 2026	Fund Letters	Pittenger & Anderson	Airbnb Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	asset-light, growth, hospitality, international expansion, marketplace, net cash, platform, Travel, Two-Sided Market	View Pitch
Apr 13, 2026	Fund Letters	ClearBridge Investments Large Cap Growth Strategy	Airbnb, Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	Alternative Accommodations, Consumer Discretionary, Cyclical, high margins, Lodging, marketplace, Peer-to-Peer, Travel	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Fund	Airbnb, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Alternative Accommodations, Global, growth investments, network effects, online marketplace, Paid Placement, Platform business, Travel	View Pitch
Apr 13, 2026	Fund Letters	Oakmark Select Fund	Airbnb	Consumer Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	Alternative Accommodations, Global Travel, growth investments, network effects, online marketplace, Paid Placement, Two-sided Platform	View Pitch
Apr 13, 2026	Fund Letters	Polen Capital - Focus Growth	Airbnb, Inc.	Consumer Services	Hotels, Restaurants & Leisure	Bull	NASDAQ	Accommodations, Consumer services, Leisure, marketplace, platform, Sharing Economy, Tourism, Travel	View Pitch
Apr 13, 2026	Fund Letters	Parnassus Value Equity Fund	Airbnb Inc.	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	cash flow generation, Consumer Discretionary, Cyclical Recovery, online marketplace, platform, Scalability, Short-term rentals, Travel	View Pitch
Apr 13, 2026	Fund Letters	GDS Investments	Airbnb Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	asset-light, growth, hospitality, international expansion, marketplace, platform, technology, Travel, Two-Sided Market	View Pitch
Apr 13, 2026	Fund Letters	GDS Investments	Airbnb Inc	Communication Services	Interactive Media & Services	Bull	NASDAQ	asset-light, growth, hospitality, international expansion, marketplace, platform, technology, Travel, Two-Sided Market	View Pitch
Jan 22, 2026	Twitter / X	@TechFundies	Airbnb, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bear	NASDAQ	Airbnb, Down Last, Emerging markets, Europe, Experiences, Experiences Services, Kind Stuck, Stuck	View Pitch
Jan 8, 2026	Fund Letters	Rich Eisinger	Airbnb Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	cashflow, marketplace, Networkeffects, platform, Travel	View Pitch
Oct 23, 2025	Value Investors Club	coffee1029	Airbnb, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	NASDAQ	FCF margin, Hotels, operating leverage, Tariff selloff	View Pitch
Sep 16, 2025	Short Thesis	Bear Cave	Airbnb Inc	Consumer Discretionary	Hotels, Resorts & Cruise Lines (Alt Lodging)	Bear	NASDAQ	Competition, Leisure, Regulation, Rentals, Travel	View Pitch
Sep 11, 2025	Seeking Alpha	Seeking Alpha	Airbnb, Inc.		Travel Services	Bull		Airbnb hosts, competitive market, economic contraction, economic headwinds, flexible pricing, hospitality, leisure industry, market recovery, Regulatory Risks, Revenue Growth	View Pitch
Aug 13, 2025	Seeking Alpha	Julian Lin	Airbnb, Inc.	Other	-	Neutral	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Richard Durant	Airbnb, Inc.	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch
Aug 7, 2025	Seeking Alpha	Anton Davydkin	Airbnb, Inc.	Consumer Discretionary	Travel Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of ABNB

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

ABNB

ABNB

Letters With This Ticker

Pitches With This Ticker

BSD Shareholders of ABNB

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